Here are five things you must know for Wednesday, Jan. 8:
1. -- Stock Futures Mixed as Iran Attacks U.S. Forces in Iraq
Stock futures were mixed after tumbling earlier Wednesday, gold surged to seven-year highs and oil prices extended recent gains after Iranian missiles struck two American military bases in Iraq.
Iran's Islamic Revolutionary Guard Corps said it fired 15 missiles at two U.S. air base installations in Iraq in retaliation for the drone strike Jan. 3 that killed Iranian General Qassem Soleimani.
"Iran took and concluded proportionate measures in self-defense," Iranian Foreign Minister Jawad Zarif said in a statement via his official Twitter account. "We do not seek escalation or war, but will defend ourselves against any aggression."
Donald Trump said he would make a statement on the attacks Wednesday, but seemed to suggest there were no American casualties, despite Iranian TV reports that 80 people were killed in the strikes.
Gold rallied past $1,600 an ounce for the first time since March 2013 and global oil prices moved predictably higher amid the rising military tensions in the Gulf region, which is home to around half of the world's crude production.
Contracts linked to the Dow Jones Industrial Average fell 21 points, futures for the S&P 500 were up 5.20 points and Nasdaq futures gained 13 points.
2. -- Boeing 737-800 Crashes in Iran; No Survivors
A Boeing 737-800 crashed shortly after take-off in Tehran, killing all 176 passengers on board following what authorities said was an engine failure.
Ukraine International Airlines Flight 752, a Boeing 737-800NG taking off from Tehran and bound for Kiev, was carrying 167 passengers from seven countries and nine crew members, Ukrainian officials said, and had last passed a technical inspection as early as Jan. 6.
Ukraine International Airlines said it would investigate along with Iranian authorities and Boeing (BA) - Get Report. The Ukraine embassy in Tehran said the crash was caused by engine failure and wasn't hit by a missile nor suffered a terrorist attack.
Boeing said in a statement that it was "aware of the media reports out of Iran and we are gathering more information."
The crash is the latest in a series of disasters for Boeing, including two fatal accidents involving its flagship 737 MAX between 2018 and 2019 that triggered the grounding in mid-March of the entire MAX fleet and the ultimate firing of CEO Dennis Muilenberg.
The 737-800 doesn't have the same software system as the 737 MAX that has been identified as the cause of the crashes in Ethiopia and Indonesia that took the lives of 346 people.
Boeing shares fell 1.94% in premarket trading to $330.75.
3. – ADP Jobs Report, Walgreens Earnings on Wednesday's Calendar
The economic calendar in the U.S. Wednesday includes the ADP National Employment Report for December at 8:15 a.m. ET and Oil Inventories for the week ended Jan. 3 at 10:30 a.m.
4. -- Samsung Sees Fourth-Quarter Operating Profit Down 34%
Samsung Electronics, the world's biggest maker of smartphones and semiconductors, said operating profit for its fiscal fourth quarter likely fell 34% from a year earlier, a decline that would be narrower than analysts' expectations.
South Korea's Samsung estimated an operating profit of 7.1 trillion won ($6 billion) for the quarter ended in December. Revenue likely would be flat compared to 59 trillion won a year earlier.
"While its 4Q19 revenue was in-line with our estimates, operating profit beat our estimates driven by cost savings from memory and mobile business, in our view," said Daiwa Capital Markets analyst SK Kim. "We assume the upside was driven mainly by memory and mobile business."
Samsung will post a more detailed fourth-quarter update on Jan. 30, but the current estimate suggests annual profits will fall 53% to 27.7 trillion won, the steepest decline in 10 years and the lowest level since 2015.
5. -- Impossible Foods Says No Longer Trying for McDonald's Deal
Impossible Foods is no longer trying to win a deal to supply McDonald’s (MCD) - Get Report with plant-based burgers, saying it can't produce enough of its imitation meat to partner with the fast-food giant, Reuters reported.
Impossible Foods CEO Pat Brown told Reuters in an interview that "it would be stupid for us to be vying for (McDonald's) right now ... Having more big customers right now doesn't do us any good until we scale up production."
Impossible Foods unveiled Impossible Pork and Impossible Sausage on Monday at the Consumer Electronics Show.